Shire share price surges as group posts upbeat trial results

on Sep 11, 2017
Updated: Mar 11, 2020

Shares in Shire (LON:SHP) have jumped in London in today’s session, as the blue-chip pharmco posted upbeat results from a trial which evaluated a new treatment for hereditary angioedema (HAE). The news is a boost for the rare disease specialist which recently suffered a blow as its chief financial officer unveiled plans to step down.

As of 14:55 BST, Shire’s share price had added 1.14 percent to stand at 4,083.50p. The stock is outperforming the broader UK market, with the benchmark FTSE 100 index currently 0.28 percent better off at 7,398.39 points. The pharmco’s shares have lost more than 13 percent of their value over the past year, and are down by some 12 percent in the year-to-date.

Shire announced in a statement today that its investigational drug, referred to as SHP616, had significantly reduced the monthly attack rate of HAE, as compared with placebo, in a late-stage trial. HAE is a rare genetic disease characterised by recurrent swelling of extremities, gastrointestinal tract, and upper airways. The condition is estimated to affect about one in 10,000 to one in 50,000 people worldwide.

“We are very pleased with the strong results of this study, which demonstrated efficacy with a low volume dosing regimen, and what it potentially could mean for the global HAE community, if approved,” Howard Mayer, M.D., ad interim Head of Research and Development at Shire, commented in the statement.

The results mark good news for the FTSE 100 drugmaker, which is betting on rare disease treatments, in an effort to reduce its reliance on drugs for attention deficit hyperactivity disorder (ADHD). Shire’s update also comes as blue-chip peer AstraZeneca (LON:AZN) unveiled upbeat results from late-stage trials of its oncology treatments Imfinzi and Tagrisso.

As of 15:13 BST, Monday, 11 September, Shire PLC share price is 4,080.00p.